What is a trustee simple definition?
A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee may be appointed for a wide variety of purposes, such as in the case of bankruptcy, for a charity, for a trust fund, or for certain types of retirement plans or pensions.
What is the role of the trustee?
A trustee takes legal ownership of the assets held by a trust and assumes fiduciary responsibility for managing those assets and carrying out the purposes of the trust.
What is the difference between a trust and a trustee?
A trust is basically a right to certain property, which is held by a fiduciary for the benefit of another individual. A trustee, on the other hand, is a party or parties designated as a holder of the property, charged with the duty of administering the trust at the appropriate time.
What is a trustee in government definition?
A trustee is a member of congress who votes on an issue focused on the greater good of the country rather than the intent of a constituent. a senator is voted on less often and is often older and therefor wiser.
Is a trustee considered an owner?
A Trustee is considered the legal owner of all Trust assets. And as the legal owner, the Trustee has the right to manage the Trust assets unilaterally, without direction or input from the beneficiaries.
Who can be trustee?
—Every person capable of holding property may be a trustee; but, where the trust involves the exercise of discretion, he cannot execute it unless he is competent to contract. No one bound to accept trust. —No one is bound to accept a trust.
Can a trustee be a beneficiary of a will?
The trustees are the legal owners of the trust fund (for example, the life protection policy). Both the settlor and/or beneficiary can be a trustee, however if a beneficiary is a trustee it could lead to a conflict of interest – especially when trustees have the power to decide by how much each beneficiary can benefit.